Real estate development firm Diversified Cos. intends to build City Gate Self-Storage at 3803 White Lake Blvd. in Naples, Fla. The two-story facility will comprise 130,000 square feet in 1,000 climate-controlled units. The asset will be built by subsidiary Diversified Realty Development Co., with the nine-month project expected to be complete this summer, according to a press release.
City Gate Self-Storage LLC is a joint venture between Diversified Realty Development and investment firm Sefira Capital LLC, according to the website of contractor Gates Construction. The facility will be managed by CubeSmart, a self-storage real estate investment trust and third-party management firm, the release stated.
The developer has secured a $9 million loan through Orlando, Fla.-based First Green Bank. "This loan gives us the chance to open a new storage facility and generate new opportunities in the Naples area," said John Brennan, vice president of Diversified Cos. "As a managing member of City Gate Self-Storage, we noticed a lack of storage options in the Naples area and wanted to tap into this underserved market.”
First Green offers a range of financial services and options, including reduced loan costs for commercial projects that use solar panels or meet certification under the Leadership in Energy and Environmental Design program. The release didn’t indicate if the City Gate facility will meet this criteria. Gates indicated the structure will be made of concrete and glass.
Diversified Cos. is a vertically integrated real estate firm that executes business through its affiliated companies Diversified Realty Development and Diversified Realty Co., which is responsible for leasing and management. Both entities are based in Fort Lauderdale, Fla. Diversified specializes in self-storage as well as projects in the aviation, medical, office and retail sectors.